Delivery conditions require special attention if the deal is „hard“, i.e. when the contract is signed and the buyer`s deposit cannot be refunded. Most used business aircraft sales contracts allow the purchaser to prebuy and complete due diligence before making a final decision on the acquisition of the aircraft; but if the agreement is „hard“, the buyer can only terminate the deposit and recover it if the seller cannot or will not deliver the aircraft in the condition specified in the contract. If the offer is accepted, a down payment of 5% to 10% of the proposed purchase price will be immediately wired to a third of the Oklahoma City, Oklahoma-based fiduciary aviation company. All trust companies are located in Oklahoma City, so they may be close to the FAA Aircraft Registry Division, where all documents must be submitted to transfer ownership of aircraft registered in the United States. The ACT stipulates that an aircraft purchase agreement must be concluded within a short period of time or the law must be terminated. Buyers will often make a down payment to a trust company before making the first offer to show how serious they are when they buy an aircraft. All navigation databases and subscriptions should be up to date in order to legally fly the aircraft. Make sure all the documents necessary to be our current in the plane before flying it. On the one hand, certain delivery conditions – such as the requirement that the aircraft be free of pledges, or that the seller provide it to close with all „red equipment“ – have nothing to do with airworthiness.
Is everything working properly on the plane or things that are needed to make it „navigating“? Should the aircraft be equipped in accordance with specifications (which should also be an image of the contract)? Can repairing a gap leave the aircraft with a single periodic inspection? Delivery conditions should address issues such as this, whether it is airworthiness or not. Make sure the aircraft logs are safely transferred to you. Immediately create a copy of all aircraft documents and protocols to keep them safe. Your pilots are usually invited by your insurance company to undergo training at a professional pilot training facility with simulator. The cost of such training ranges from $4,000 per year for turboprops to more than $35,000 per year for some of the larger jets. Initial training is more expensive than annual training. Some training can be done on your own plane. Both methods have drawbacks and advantages. Some schools book early and this requires planning in advance.
However, for transactions involving international jurisdictions outside the United States, it is necessary to make certificates that may differ from the standard in the states and contractual provisions that may seem strange to owners and purchasers of U.S. aircraft (. B for example, the lawyer of a party who acts as an agent or the seller insured after the closure as an additional insured in the buyer`s aviation policy) may be commonplace in Europe or Asia. Closing can be quite complicated. Simply put, the trust company coordinates the exchange of purchase funds in exchange for the submission of the faa sales invoice and the faa registration application with the FAA Aircraft Registry. The filing of the FAA sales slip results in a transfer of ownership and the FAA`s application for registration results in the registration of the aircraft on behalf of the purchaser.